In this report we cover a few issues related to the crypto industry as a whole and not, limited to Glitzkoin or the GTN crypto token. Key members of the Glitzkoin team have, repeatedly voiced their opinion on these issues on our social media platforms. Since the points raised here are for the benefit of all stakeholders in the crypto industry, we hope to gain more support for their implementation in 2021 and beyond.
Crypto Legislation: To begin with, Glitzkoin supports crypto legislation, this as long as it is fair, reasonable and unbiased. As the CEO Navneet Goenka, has often stated, “… cryptocurrency can deliver its full potential only if, there is legal clarity”. Crypto laws would also cover crypto taxation and in our opinion, taxing crypto profits is fair. Having said that, governments should work along with representatives from the crypto industry when, formulating laws and rules related to cryptocurrency. There could be cases in the initial stages where, laws lack clarity in specific instances. Such issues should ideally be resolved through, mutual consultation as, prolonged confrontation would be detrimental to both sides. Crypto legislation must cover all aspects from the industry including ICO procedures, exchange setup and operation, investor KYC validation, crypto custody, crypto banking, crypto taxation etc.
Expand Crypto Space: Cryptocurrency activity started out within a small group of, tech savvy individuals. It has gradually gained interest in wider circles, expect this to keep increasing in the coming years. Despite the growing number of crypto investors the fact is that, there is still tremendous room for expansion. Clarity in crypto legislation and the effective implementation of crypto laws, are factors that could increase participation in crypto trade. Increase in crypto payment usage and the development of CBDC, Central Bank Digital Currencies are also factors that inspire confidence in cryptocurrency.
Support Altcoins: There are no less than 5,000 Altcoins in existence today. It would surely not be impossible to find 150 to 200 Altcoins that, have potential and are backed by realistic projects. Crypto investors and analysts should, do an unbiased analysis of Altcoins and present the best once to the public. In the current scenario, it is invariably big crypto players that influence investor mindsets. Keep in mind that, all private cryptocurrencies except Bitcoin, are defined as Altcoins. It is important to have a wider range of cryptocurrencies that are actively trading. Glitzkoin Business Development Manager Lila (Hussain) Ruzaini, aptly describes the current situation, “… too few active cryptocurrencies, too few large investors. A small group of investors hold enough volumes to dictate price trends”.
Widen Crypto Markets: Crypto markets are assessed in dollar terms, the number is massive and nothing short of mind blowing. A deeper analysis would reveal that, no more than a handful of cryptocurrencies, account for over 80% of the total market cap in crypto markets. While we did mention that interest in cryptocurrency and the number of crypto investors, has grown significantly – the truth is that a small group of big investors, hold a large portion of popular cryptocurrencies. We need a wider range of active cryptocurrencies and a larger base of crypto investors.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]